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Negotiating a House Buyout as Part of Your Divorce

One way to deal with your family home as part of your divorce is for one of the spouses to buy out the other’s interest in the home. The way the buyout occurs varies depending on the circumstances of the divorce. It could take place over time, with both spouses maintaining an interest in the home, or it could be completed as part of the divorce settlement. In the latter situation, you might refinance the home and take out a new mortgage loan.

Home value is important

Regardless of how the buyout happens, the value of the home will be important when determining how much the buying spouse pays. You will either need to agree on a value or need to get a professional appraisal performed on your property to determine its current fair market value.

To add more context to this number, you may also work with a real estate agent who can provide information on the prices of recent homes comparable to yours that were sold in your neighborhood. Websites like Zillow and eappraisal.com allow you to get an estimate of the home’s value simply by typing in your address.

In general, a professional appraisal is the only truly reliable method of getting an accurate assessment of your home’s value. This will usually cost several hundred dollars, but the cost can be split between each spouse.

To learn more about negotiating a house buyout, consult a knowledgeable Minnesota divorce lawyer with Appelhof, Pfeifer & Hart, P.A.

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  • "Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.

  • "With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.

  • "Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.

  • "I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.

  • "Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.

  • "I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.

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